Answered step by step
Verified Expert Solution
Question
1 Approved Answer
if we change expenses number to $30,000 and dividend number to 15,000, What would be the balance of Total assets ? Income Statement of **,
if we change "expenses" number to $30,000 and "dividend" number to "15,000", What would be the balance of "Total assets" ?
Income Statement of **, year 2017 | Balance Sheet of **, as of 12/31/2017 | ||||||
Revenues | $100,000 | Asset | Liabilities | ||||
Minus | Expenses | $40,000 | Cash | 50,000 | Long-term Debt | 60,000 | |
Net Income | 60,000 | Inventory | 40,000 | Equity | |||
Equitment | 150,000 | Owners' equity | 180,000 | ||||
Total Assets | 240,000 | Total Liabilities and owners' equity | |||||
240,000 | |||||||
Retained Earnings Statement for **, year 2017 | Statement of Cash flow for **, for year 2017 | ||||||
Beginning owners' Equity | 120,000 | ||||||
Add: | Net income | 60,000 | Cash from Operating activities (O) | 19,000 | |||
Minus: | Dividend (withdrawal) | 0 | Cash from investing activities (I) | -23,000 | |||
Ending Owners' Equity | 180,000 | Cash from financing activities (F) | 24,000 | ||||
Total change in cash | (O+I+F) | 20000 | |||||
Beginning balance of cash | 30,000 | ||||||
Ending balance of cash | 50,000 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started